Kempen Lux Euro Sustainable Credit Fund - Class I

Profile

Kempen International Funds SICAV - Kempen (Lux) Euro Sustainable Credit Fund (the Fund) invests primarily in credits that have an investment grade rating (of minimal BBB-) and are denominated in Euros. In addition, these companies must comply with strict sustainability criteria. The Fund may invest a small part in credits that are not included in the benchmark.

The benchmark, the Markit iBoxx Euro Corporates Index, only includes bonds with an investment grade rating. The Fund aims to earn a higher total long term return than the benchmark by implementing an active investment policy. In order to achieve this, a diversified portfolio is constructed and investment risks are continuously monitored. Investments are selected on the basis of extensive analysis of the terms and conditions of the bond issues.

In the interest of the shareholders it has been decided to soft open the Fund as per 28 June 2018. As per June 2018 the Fund will continue to accept daily inflow below EUR 10 million from all investors. For investments greater than EUR 10 million please contact the Fund’s relationship manager. Redemptions will still be possible. More information about the soft open can be found in the Notice to shareholders in the tab Documents.

Management team

Alain van der Heijden, Rik den Hartog, Harold van Acht, Sipke Moes, Luuk Cummins, Pim van Mourik Broekman, Quirijn Landman, Marco Zanotto

Performance per 2019-08-31 (rebased)

No chart data available

Performance per 2019-08-31

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  Fund Benchmark
1 month 0.7 % 0.7 %
3 months 3.7 % 3.7 %
This year 3.8 % 3.7 %
Since inception (on annual basis) i 3.8 % 3.7 %
Performance is shown after deduction of ongoing charges and including the reinvestment of dividend that has been paid out. The value of your investments may fluctuate. Past performance provides no guarantee for the future.
More information can be found on the documents page of this fund

Key figures

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Total fund size
EUR 473.75 M 2019-08-31
Share class size
EUR 203.56 M 2019-08-31
Number of shares
195,945 2019-08-31
Net Asset Value i
EUR 1,029.28 2019-09-17

Fund characteristics per 2019-08-31

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  Fund Benchmark
Number of holdings 273 2650
Duration i 5.1 5.2
Yield to maturity 0.4 % 0.4 %
Weighted rating BBB+ BBB+
Kempen (Lux) Euro Sustainable Credit Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by The Netherlands Authority for the Financial Markets. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. These documents of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg and on the website of KCM (www.kempen.com/investmentfunds).

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future.

Market developments per 2019-08-31

In August, the spread on the iBoxx Euro Corporate Index widened by 11 basis points to 121 basis points above the government bond curve. The index earned an absolute return of +0.68%. German 10-year government bond yields closed August at -0.70%, a decrease of 26 basis points compared to the end of July.

The recent trend of declining government bond yields continued unabated, driven by a combination of factors. First, data is pointing to a synchronised global slowdown, particularly in manufacturing sectors. This is expected to result in diminished inflationary pressure in the coming quarters. Second, to address the decline in economic activity and prevent subdued inflationary expectations from becoming entrenched, central banks are expected to aggressively ease monetary policy. Consensus estimates suggest a further four interest rate cuts by the US Federal Reserve in the coming 12 months, as well as a minimum 10 basis point reduction in interest rates and a relaunch of the CSPP bond buying program by the ECB as early as September. Finally, there are numerous geopolitical risks contributing to unease amongst investors and, therefore, to strong demand for “safe-haven” type investments, especially government bonds and gold. Examples of these geopolitical risks include the ongoing China-US trade stand-off, the potential for a no-deal Brexit at the end of October, a pending sovereign debt crisis in Argentina, civil unrest in Hong Kong, and, finally, the potential for military confrontation between the US and Iran. President Trump’s “America First” foreign policy and the subsequent reduction in the United States’ support for numerous global institutions and agreements (e.g. UN, IMF, NATO, Paris Agreement, Iran nuclear deal, Trans Pacific Partnership (TPP)) appears to be a prime culprit behind investors’ perception of increasing global instability.

Spreads on bonds issued by General Electric widened by anywhere between 65 and 110 basis points following the release of a 175-page report which alleged wide-spread accounting fraud at the company, particularly related to GE’s long-term care insurance operations, as well as its oilfield services subsidiary GE Baker Hughes. The fact that GE has previously had to raise substantial reserves and book related charges in its insurance unit in 2017 and 2018 following a review of assumptions related to long-term healthcare claims, left investors worried about just how large these liabilities will become given the rising cost of health care and longer life expectancies in the US. Ongoing SEC and DOJ investigations into GE’s accounting of its insurance liabilities and power division revenues, GE’s intention to switch accounting firms, and the recent decision to replace the CFO, all ripened the ground for this hedge fund-backed short-selling attack.

The widening in GE bond spreads, alongside the above-described weakness in global manufacturing activity, was an important contributor to the relative underperformance of the industrial goods & services sector during August. Another underperforming sector was the personal & household goods sector, where Philip Morris International’s planned merger with weaker rated US-based tobacco group Altria resulted in meaningful spread widening on the former’s bonds. By contrast, less cyclical sectors including media, telecommunications and food & beverage outperformed. One of the best performing sub-segments of the market was subordinated paper issued by insurance companies.

The supply of new bonds was EUR 29 billion in August. This represented a decrease of approximately 17% compared to July as well as compared to the year-earlier period. Non-financial sector companies issued EUR 15 billion in new bonds last month, while financial sector companies issued EUR 14 billion in new bonds. New bonds totalling EUR 356 billion were issued in the first eight months of this year, representing an increase of 20% compared to the same period last year.

Portfolio developments per 2019-08-31

During the month the portfolio’s sensitivity to market trends varied between 93% and 100%. The portfolio therefore held a slight underweight to neutral positioning in terms of market risk.

Our positioning in the industrial goods & services, banking and automotive sectors performed relatively well in August. In contrast, our positioning in the technology, insurance and food & beverage sectors contributed negatively. Our liquidity position (in the form of cash and government bonds) had a positive impact.

At individual company level, positive contributions came from the overweights in La Poste, Eurogrid, Argenta Spaarbank and Bank of America, as well as from the underweights in General Electric (excluded), Banco Santander, Daimler and Philip Morris International (excluded). In contrast, the overweights in Euronet, Coca Cola HBC, Terna, CNH Industrial and PVH contributed negatively.

In August, the Fund participated in new bond issues from KBC, HSBC, Fastighets Balder and National Grid.

UK-based electricity distribution and transmission grid operator National Grid is regarded as one of the best utility companies in the field of ESG. The group has set itself a target to reduce greenhouse gas emissions by 80% compared to 1990 levels by 2050. Furthermore, the company collaborates closely with local communities and external stakeholders to enhance the local biodiversity at more than 50 sites.

Outlook
Given increased evidence of a slowing global economy, as well as expectations for heightened supply of new bonds in the near-term, we intend to maintain a relatively defensive positioning in the portfolio. Prospects for a revival of the ECB’s corporate bond buying program, and ongoing inflows into the investment grade credits asset class will, however, limit the extent to which we go underweight.
Kempen (Lux) Euro Sustainable Credit Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by The Netherlands Authority for the Financial Markets. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. These documents of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg and on the website of KCM (www.kempen.com/investmentfunds).

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future.

Performance per 2019-08-31 (rebased)

No chart data available

Performance per 2019-08-31

Slide to see more
  Fund Benchmark
1 month 0.7 % 0.7 %
3 months 3.7 % 3.7 %
This year 3.8 % 3.7 %
Since inception (on annual basis) i 3.8 % 3.7 %
Performance is shown after deduction of ongoing charges and including the reinvestment of dividend that has been paid out. The value of your investments may fluctuate. Past performance provides no guarantee for the future.

Dividends

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Distributing
No
Kempen (Lux) Euro Sustainable Credit Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by The Netherlands Authority for the Financial Markets. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. These documents of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg and on the website of KCM (www.kempen.com/investmentfunds).

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future.

Maturity profile (2019-08-31)

Fund
Benchmark
30.3 %
3-5 year
27.3 %
19.2 %
0-3 year
24.5 %
18.4 %
7-10 year
18.2 %
17.3 %
5-7 year
21.2 %
13.5 %
> 10 year
8.9 %
1.4 %
Cash
0.0 %
Total
100 %
100 %

Sector allocation (2019-08-31)

32.4 %
Banks
13.0 %
Utilities
12.1 %
Consumer Goods & Services
8.9 %
Industry
8.2 %
Telecom & Technology
7.2 %
Financial Services & Real estate
6.3 %
Health Care
4.0 %
Insurance
3.1 %
Energy
1.8 %
Basic Materials
1.6 %
Other
1.1 %
Sovereign bonds
0.3 %
Asset Backed Securities
Total
100 %
The cash position is included in ‘Other’.

Rating allocation (2019-08-31)

Fund
Benchmark
1.5 %
AAA
0.4 %
5.4 %
AA
10.8 %
41.5 %
A
39.5 %
45.6 %
BBB
49.3 %
2.6 %
BB
0.0 %
2.0 %
Not Rated
0.0 %
1.4 %
Cash
0.0 %
Total
100 %
100 %
The rating allocation of the Fund is based on the Bloomberg Composite method. The rating allocation of the benchmark is based on the rating allocation used by provider Markit iBoxx.

Top 10 holdings (2019-08-31)

1.9 %
3.875% Eurogrid 2010-20
1.6 %
1.500% Enexis 2015-23
1.3 %
0.736% Bank of America 2017-22
1.2 %
0.875% Equinor 2015-23
1.2 %
1.750% Morgan Stanley 2016-24
1.1 %
0.750% PSA Banque France 2018-23
1.1 %
1.375% Terna 2017-27
1.1 %
2.000% Renault 2019-24
1.0 %
1.125% Deutsche Bahn 2019-28
1.0 %
4.625% Veolia Environnement 2012-27
Total
12.6 %
Kempen (Lux) Euro Sustainable Credit Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by The Netherlands Authority for the Financial Markets. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. These documents of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg and on the website of KCM (www.kempen.com/investmentfunds).

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future.

Ongoing charges

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Management fee i
0.32 %
Service fee i
0.15 %
Taxe d'abonnement i
0.01 %
Expected ongoing charges i
0,48 %

Other costs

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Upward swing factor i
0.20 %
Downward swing factor i
0.20 %
The swingfactor is applicable if the sum of in and outflow (end trading day) is more than a pre defined percentage ( the so called ‘threshold’) of the fund size. The level of the threshold 1%. As of 1 January 2018 the swing factor has been adjusted from 0.25%/0.25% to 0.20%/0.20%.
Kempen (Lux) Euro Sustainable Credit Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by The Netherlands Authority for the Financial Markets. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. These documents of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg and on the website of KCM (www.kempen.com/investmentfunds).

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future.

Share class details

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Share class
I i
Investor type
Institutional
Distributing
No
Benchmark i
Markit iBoxx Euro Corporates Index
Duration hedged
No
Investment category
Credits
Universum
European credits
Inception date
2019-05-14
Domicile
Luxembourg
May be offered to professional investors only in
France, Germany, Luxembourg, The Netherlands
UCITS status i
Yes
Status
Open-end i
Base currency
EUR
Share class currency
EUR
Management company
Kempen Capital Management N.V.
Depositary and custodian
J.P. Morgan Bank Luxembourg S.A.

Tradability

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Minimum subscription
Initial subscription: €50,000, additional subscriptions: €10,000
Listed
no
Subscription/Redemption Frequency
Daily
ISIN i
LU0986646882
Kempen (Lux) Euro Sustainable Credit Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by The Netherlands Authority for the Financial Markets. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. These documents of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg and on the website of KCM (www.kempen.com/investmentfunds).

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future.
Kempen (Lux) Euro Sustainable Credit Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by The Netherlands Authority for the Financial Markets. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. These documents of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg and on the website of KCM (www.kempen.com/investmentfunds).

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future.

Kempen's vision and mission

Kempen Capital Management is an asset manager that believes in stewardship and investment focusing on the long-term for the benefit of all stakeholders. Value creation is at the heart of the services we provide to our clients. We believe that being an engaged shareholder on environmental, social and governance (ESG) issues and retaining a long-term focus, is critical to helping our clients to preserve and create sustainable wealth that has positive real world impact and economic returns.

Kempen wide approach to responsible investment

We are committed to create sustainable alpha. The four pillars of our ESG-policy are:

  • ESG integration: Ensuring sustainability risks and opportunities are adequately considered in our investment analysis and processes.

  • Exclusion & avoidance: Not investing in companies involved in controversial activities or conduct.

  • Active ownership: Being responsible stewards of our clients’ capital and using our influence through engagement and voting to improve corporate behaviour on specific ESG issues and achieve positive change

  • Positive impact: Investing with an objective to achieve positive real world outcomes and impact, such as contributing to the UN Sustainable Development Goals.6

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To put our mission and vision into practice we engage with our investee companies on a wide array of strategic, financial, and ESG topics. As an active owner we use our influence to improve our investee companies’ ESG performance. This helps us address some of the most pressing and important sustainability issues facing business and the world. Our focus themes for engagement are: human rights, labour rights, climate change and governance.

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Through collaboration with other investors and industry think tanks we contribute to the development of principles and standards of corporate responsibility both at sector levels, as well as investee company level.

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Our full voting records are available here.

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OUR FUND APPROACH TO RESPONSIBLE INVESTMENT

Kempen’s ESG policy is fully implemented in our fund’s investment process across the three relevant pillars of:  Exclusion, Integration and Active ownership.

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1.   Exclusion

In line with the general Kempen policy, the Kempen Euro Credit Strategies[1] exclude all companies on the KCM exclusion- or avoidance list. Companies on these lists are either involved in the production of controversial weapons, they derive a significant portion of their revenues from the production or distribution of tobacco, or have been involved in serious controversies.

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The Kempen (Lux) Euro Sustainable Credit Fund combines the integration of the ESG criteria described above with additional exclusion criteria. Companies scoring an MSCI ESG rating of CCC, with a ‘fail’ marked against the criteria of the United Nations Global Compact or those companies that attract a red flag on the MSCI ESG impact monitor are excluded. Furthermore, the fund excludes companies with significant involvement in the production of military weapons or the production of nuclear energy, companies involved in the extraction of thermal coal or companies that have significant thermal coal reserves, companies which are significantly involved in the production or distribution of alcohol and companies involved in adult entertainment or companies involved in gambling. An engagement approach is chosen for companies involved in Genetically Modified Organisms (GMO), factory farming, animal testing or if less than 5% of the revenue is derived from the production of fur or fur products.

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TABLE 1

ADDITIONAL EXCLUSION CRITERIA FOR KEMPEN EURO SUSTAINABLE CREDIT FUND

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ESG Criteria

Investment solutions

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Criteria

UNGC

Ethical Criteria

Responsible

Sustainable

×   Human rights

v

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v

v

×   Child labour

v

Â

v

v

×   Forced labour

v

Â

v

v

×   Right to collective bargaining

v

Â

v

v

×   Discrimination

v

Â

v

v

×   Corruption

v

Â

v

v

×   Environmental protection

v

Â

v

v

×   Controversial weapons

v

Â

v

v

×   Biodiversity

v

Â

v

v

×   Supply chain management

v

Â

v

v

×   Use of environmentally hazardous substances

v

Â

v

v

×   Production/distribution of tobacco

Â

v

v

v

×   Military Weapons

Â

v

Â

v

×   Production of nuclear energy

Â

v

Â

v

×   Exposure to thermal coal

Â

v

Â

v

×   Production/distribution of alcohol

Â

v

Â

v

×   Adult entertainment

Â

v

Â

v

×   Gambling

Â

v

Â

v

×   Animal testing

Â

v

Â

v

×   Production of fur

Â

v

Â

v

×   Factory farming

Â

v

Â

v

×   GMO

Â

Â

v

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v

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2. ESG Integration

Responsible Investment in the Kempen Euro Credit Strategies is not limited to the exclusion of companies. Rather, ESG criteria are an integral part of the investment process. To form a fundamental opinion on a company, the portfolio managers assess the business profile, the financial profile and the ESG profile. Research provided by MSCI ESG Research LLC is used as a basis for the ESG assessment.  Â

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A low score on ESG criteria can result in the demand for an additional premium on the company’s bonds and/or initiation of an engagement with the issuer. If ESG risks are deemed too severe, an investment in the company will be avoided and/or existing holdings will be sold.

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On a quarterly basis, the Kempen Responsible Investment team screens the holdings of the Kempen Euro Credit Strategies, and discusses the findings with the portfolio managers. Special attention is paid to companies scoring an MSCI ESG rating of B or lower, those with a ‘fail’ marked against the criteria of the UN Global Compact or those companies that attract a red flag on the MSCI ESG impact monitor. Companies in carbon intensive sectors are also given special attention.

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3. Active Ownership

For our Kempen Euro Credit Strategies, we distinguish between three types of engagement. They are i) an engagement for awareness, ii) an engagement for change, and iii) a public policy and/or systemic engagement. Engagement for awareness is aimed at raising awareness on certain issues with a company and/or collecting more information on a specific ESG issue. Engagement for change, which could follow an engagement for awareness, has the goal of achieving a specific SMART goal. The third form of engagement relates to seeking an improvement in a public policy or a system relevant to wider capital markets

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Our engagement process defines four milestones:

1. Raise concern with the company;

2. Company acknowledges the issue;

3. Company sets out a strategy / agrees to improve;

4. Company implements the strategy. Â

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Our engagement could start at any of the first three milestones. When a milestone is reached, a document of proof is attached to the engagement case and the engagement will move on to the following milestone. When the fourth milestone is reached, the engagement is closed, but we continue to monitor the company. If at any stage the company refuses to cooperate, divestment has to be considered. To measure willingness to cooperate, we set specific timelines for the engagement.

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Currently, we have no engagement cases with companies that we hold in the Kempen (Lux) Euro Sustainable Credit Fund. However, the Kempen Euro Credit Strategies, began an engagement with Bayer in 2018, following their acquisition of Monsanto. Through the acquisition, Bayer inherited several significant controversies in the field of genetically modified organisms (GMOs). The goal of our engagement is to get a formal and written statement from the company which states that they will not sue small holder farmers for the unintended use of Bayer licensed GMO crops. It also asks the company to set a target for the number of farmers that receive education on their crop protection products.

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In addition we have ongoing engagement cases with Volkswagen on its company culture, Cez on the use of thermal coal (you can find the engagement factsheet here), Glencore on climate action (you can find the engagement factsheet here) and Huntsman on ESG disclosure. In July 2018, Huntsman was upgraded from ‘CCC’ to ‘B’ by MSCI ESG, and the company’s Sustainability report, published in 2018, includes an overview of its progress towards alignment with the UN Global Compact Ten Principles for the first time.

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[1] The Kempen (Lux) Euro Credit Fund, Kempen (Lux) Euro Credit Fund Plus, Kempen (Lux) Euro Sustainable Credit Fund and Kempen (Lux) Euro High Yield Fund

*

Although Kempen Capital Management N.V.’s information providers, including without limitation, MSCI ESG Research LLC and its affiliates (the “ESG Parties”), obtain information from sources they consider reliable, none of the ESG Parties warrants or guarantees the originality, accuracy and/or completeness of any data herein. None of the ESG Parties makes any express or implied warranties of any kind, and the ESG Parties hereby expressly disclaim all warranties of merchantability and fitness for a particular purpose, with respect to any data herein. None of the ESG Parties shall have any liability for any errors or omissions in connection with any data herein. Further, without limiting any of the foregoing, in no event shall any of the ESG Parties have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

ESG Report
Screening MSCI Research
Screening MSCI Research
UN Global Compact
Source
disclaimer
Kempen (Lux) Euro Sustainable Credit Fund (the “Sub-Fund”) is a sub-fund of Kempen International Funds SICAV (the “Fund”), domiciled in Luxembourg. This Fund is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as management company and regulated by The Netherlands Authority for the Financial Markets. The Sub-Fund is registered with The Netherlands Authority for the Financial Markets under the license of the Fund.

The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document and the prospectus. These documents of the Fund are available at the registered office of the Fund located at 6H, route de Trèves, L-2633 Senningerberg, Luxembourg and on the website of KCM (www.kempen.com/investmentfunds).

The Sub-Fund is registered for offering in a limited number of countries. The countries where the Sub-Fund is registered can be found on the website. The value of your investment may fluctuate. Past performance provides no guarantee for the future.